SALT LAKE CITY — While the Knicks are in a developmental mode with rookie project point guard Frank Ntilikina as one of the centerpieces of their rebuilding plan, an All-Star point guard hailing from New York City — Kemba Walker — has come on the trade market.

The Hornets, faced with luxury-tax issues, want to shed Walker’s contract as they are not even in the playoff hunt, ESPN reported Friday.

An NBA source, despite speculation linking the Knicks and Walker, told The Post the club had not made contact with Charlotte about a potential trade.

Walker is making $12 million this season and his contract expires after the 2018-19 campaign. Beginning two weeks ago, when reports first swirled, the Knicks came up as a rumored destination.

However unlikely, an addition of the 27-year-old Walker would be tantalizing to the Knicks’ fan base and would accelerate the team’s rebuilding plan markedly. Adding Walker perhaps would inspire Kristaps Porzingis to make New York his permanent workplace. Ntilikina likely would be the main asset in a potential deal, but salary, such as Kyle O’Quinn and Doug McDermott, would have to be thrown into the package. O’Quinn is expected to opt out after the season, giving more relief, and McDermott will be a free agent.

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One thought — if the Knicks get into the sweepstakes — is giving up their 2019 first-round pick along with Ntilikina in the hopes of Charlotte taking on the remaining years of Joakim Noah’s contract. (The Hornets could use the stretch provision on Noah after the season.)

Another NBA source added the Hornets will be asking teams to take back one of their larger contracts, such as Nicolas Batum, Marvin Williams or Michael Kidd-Gilchrist, making a Knicks match even more unlikely.

The Knicks likely will be busy at the deadline as they have a deep roster with a lot of duplication. But like the Knicks, the Hornets want to get younger players, so it’s not a very good match.

Walker undoubtedly would consider it a dream joining the Knicks as a Bronx native. Acquiring players who want to be play in New York is a priority for Knicks president Steve Mills. Walker made the All-Star team for the first time last season, but his play has dipped a bit this season (21.7 points, 5.8 assists).

Former Knicks president Phil Jackson, before he got fired, made the Ntilikina selection with an eye toward the triangle offense. Mills has stated he was for the move, but it seems unclear if the Frenchman would have been as highly sought by the Knicks if they knew the triangle would not be in their future. However, new management is highly protective of Ntilikina.

Donovan MitchellGetty images

The report of Walker being on the block come as the Knicks were bracing for the Ntilikina-Donovan Mitchell Jr. showdown Friday in Utah. Mitchell, also a local product out of Westchester County, was bypassed in June’s draft by the Knicks, who heavily considered him. A stout defender, Mitchell is now playing better than any rookie out of the 2017 class — with five 30-point games and a knack for defense.

Knicks coach Jeff Hornacek raved about Mitchell at the morning shoot-around Friday, admitting he called his buddy, Jazz executive Dennis Lindsay, to congratulate him on getting the Louisville product at 13, telling him “that’s a great pick.’’

Hornacek liked Mitchell’s Knicks workout, but defended Ntilikina for being only 19 and more used to European style than the NBA game. Ntilikina is averaging 5.4 points per game and shooting just 35 percent.

“There’s guys when you look at it are more ready early,’’ Hornacek said. “The projection at 19 years old: What’s that going to be five years from now? Frank has great potential. He’s got length. He’s got the size. The NBA game will be new to him. Guys like Dennis Smith Jr. and Donovan Mitchell have kind of played the NBA style through growing up. Frank has done a great job, especially with his defense. Donovan’s doing a great job for Utah. They’re both going to do great things in this league.’’

Hornacek said Ntilkina’s defense will only get better when he gets stronger and that Mitchell already has an NBA body.

“They’re different in ways,’’ Hornacek said. “[Mitchell] has got strength to be in this league right now. Frank’s still going to work on that and get stronger as the years go on. We can already see a little difference from the beginning of the year with his strength. His body probably is more ready for the NBA, but both will be able to be great players for their teams.’’